Divorce can be a grueling process and may require a significant amount of backgroud work in order to be prepared. The sooner one starts doing that work, the better positioned they may be to move efficiently through the process. Some of that work can begin even before speaking with an attorney and before filing for divorce. An article from Forbes encourages organizing financial details as early as possible.
Getting The Full Financial Picture
Forbes recommends taking inventory of all assets and gathering all associated documentation. This means collecting bank statements, investment account statements, real estate deeds, loan documents, retirement account documents and more. Essentially, you want to gather all documentation necessary to provide a complete financial picture.
Once finished, you may be surprised by the sheer volume of documentation you have gathered. Organizing the documentation can prove valuable, not just for helping you reference it, but for ease of use by your lawyer, accountants and other parties who may review the information during the divorce process.
The article recommends that you classify your assets as marital property or separate property. However, classification can be extremely complex and you do not want to concede your right to any assets that may actually not be subject to property division. Instead, you may want to work closely with a trusted attorney to classify your assets.
Not only will being organized make things easier and less stressful as you begin the divorce process, having all of the details laid out in front of you can help you determine your financial goals and work with your lawyer to create a strategy for moving forward. The attorneys at Purdy Law Office, LLC are able to provide you with guidance in order to make the organization process as easy as possible.